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Still in range, near range low and small double bottom so rebound?
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Cletus said "more up". Cletus said the CPI report was destined to be extremely bullish eventually due to crashing commodity prices. Some life lessons:
1) Don't bet against Cletus
2) If you said the CPI report was a reason to be bearish, you have failed as a trader
3) If you said the CPI report was a reason to sell stocks, you have failed as an investor
4) If you said the CPI report was going to be ugly, you have failed as a human being
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Big picture, not quite hit 50% retracement yet, today intraday dips buying setup will tell if we are going to push up to that or Doji here and reverse down.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
The VIX has now fallen below 20. That was the area where the market might run into some headwinds. After the bullishness of today and probably into tomorrow, the market has a chance at pulling back. If the Vix can't stay below 20 for very long, the bear is still very much alive. If the Vix collapses to 15 or lower, the bull is back.
The pullback should be bought which if it's right now rather than lots of bars later then it's an uptrend day.
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